For Sale
$720,000

11136 Vernon AveChicago, IL 60628

Renovated Multifamily Investment

Overview

Added:
Dec 11, 2024
Days on market:
117
This exceptional investment opportunity presents a recently renovated six-unit apartment building located at 11136 S. Vernon Ave, Chicago, IL 60628. The property, built in 1923 and completely renovated in 2024, boasts 6,500 square feet across three stories. Currently generating a Net Operating Income (NOI) of $72,388, this Class C building offers a compelling 10.05% cap rate at an asking price of $720,000 ($110.77 per square foot). Pro-forma NOI is projected at $81,458, increasing the cap rate to an impressive 11.31%. The property features six units and is situated in the Roseland neighborhood, benefiting from a strong local market with a population of 130,488 within a three-mile radius, an average household income of $64,361, and a median home value of $145,440. The current monthly gross income is $7,950, with potential for increases to $8,800. This multifamily property offers a blend of immediate income and significant potential for future growth, making it an attractive addition to any investment portfolio. The Cook County Assessor's Parcel Number (APN) is 25-22-200-027-0000. This is a turnkey investment opportunity with recent renovations completed, strong current performance, and significant upside potential.

Highlights

  • Recently renovated six-unit apartment building in Chicago's Roseland neighborhood.
  • 6,500 square feet on three stories, built in 1923, renovated in 2024.
  • $720,000 asking price, 10.05% cap rate based on $72,388 NOI, pro-forma NOI of $81,458 projects 11.31% cap rate.
  • Strong local market with high population density and average household income.
  • Current gross monthly income $7,950, with potential to increase to $8,800.
  • Cook County Assessor's Parcel Number (APN): 25-22-200-027-0000.

Property Details for 11136 Vernon Ave

Property type
Apartment buildings
Square Feet
6,500 SF
Class
C
Year Built/Renovated
1923/2024
Buildings
1
Stories
3
Units
6

Location Insight

City
Chicago
County
Cook
State
Illinois
Latitude
41.6916274
Longitude
-87.6124883
11136 Vernon Ave, Chicago, Illinois

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11136 Vernon Ave
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